Gasoline Demand Soars to Record High Despite Stable Pump Prices

Jun. 12, 2023

The latest gas prices report by AAA has revealed that the national average price for a gallon of gas dropped to $3.56 for the week ending June 8. This represents a marginal decline of just one cent from the previous week. However, even as prices remained relatively stable, gasoline demand surged to a new record high, surpassing 9 million barrels a day for the third consecutive week.

AAA emphasized that despite the robust demand numbers, pump prices barely fluctuated due to the current low cost of oil. The report highlights that while gas demand rose from 9.1 to 9.22 million barrels a day last week, total domestic gasoline stocks also increased by 2.7 million barrels to reach 218.8 million barrels.

According to AAA, the combination of increasing stocks and fluctuating oil prices has been instrumental in limiting price hikes at the pump. As warmer weather approaches, motorists can expect some relief in terms of gasoline prices.

“It appears that our seasonal surge in driving may be kicking off a bit before the official start of summer,” said Andrew Gross, AAA spokesperson. “But the low cost for oil appears to mitigate any increases at the pump, which is good news for drivers.”

While the national average for a gallon of gas witnessed minimal change, certain states experienced more significant price movements. AAA’s analysis revealed the following ten states with the most notable fluctuations in average gas prices since the previous week:

Ohio (+13 cents)
Arizona (−13 cents)
Indiana (+9 cents)
Idaho (+8 cents)
Florida (−8 cents)
Delaware (−6 cents)
Oregon (+5 cents)
Michigan (+5 cents)
Wyoming (+5 cents)
Maryland (−5 cents)

On the other hand, the report also highlighted the ten most expensive gas markets in the country for the week:

California ($4.87)
Hawaii ($4.74)
Washington ($4.74)
Arizona ($4.35)
Oregon ($4.33)
Nevada ($4.26)
Utah ($4.11)
Alaska ($3.97)
Idaho ($3.95)
Illinois ($3.92)

As drivers look for ways to reduce their automobile expenses, one option is to switch to a car insurance provider offering better rates. Credible provides a platform to compare options from multiple providers without impacting one’s credit score.

Reducing auto costs during the summer season can help individuals save money. Consider exploring different auto insurance providers to secure a lower monthly rate. To obtain a personalized quote within minutes, visit Credible.

In summary, while gasoline demand continues to reach new highs, pump prices have remained stable due to increasing stocks and fluctuating oil prices. As the summer season approaches, motorists can find some relief at the pump. Nonetheless, exploring opportunities to reduce auto costs, such as switching auto insurance providers, can contribute to overall savings.